Honan Insurance Group, one of Australia’s fastest-growing international brokers, announced its acquisition of Modern Risk Solutions, a market-leading insurance and risk advisory specialist in the rapidly growing sectors of emerging tech, startup and life sciences.
The Acquisition sees Modern Risk join Honan’s family of brands, but continue operating as a discrete entity, becoming Modern Risk – a Honan Company.
Andrew Fluitsma, the Chief Executive Officer of Honan appreciated this acquisition.
“Modern Risk was a natural fit at a strategic and cultural level, with a proven model of success having achieved 40% compound annual revenue growth, for the last five years.”
“We have admired Modern Risk since it first entered the market in 2013.”
“Modern Risk’s challenger ethos is acutely aligned to that of Honan’s, and more importantly, firmly operationalised and culturally entrenched across the business.”
“We’re thrilled to welcome this fast-moving, next generation broker to the Honan family.”
Modern Risk Solutions compelled by Honan success
Modern Risk’s Geoff Stooke also said that the opportunity to join Honan offered compelling returns for Modern Risk’s employees, customers and partners alike.
“Honan a supreme cultural fit for our business and our portfolio of dynamic clients spanning emerging tech, start up, life sciences and broader entrepreneurial business.”
“For our clients, the extra muscle offered by a globally networked, equity-backed broker will deliver a myriad of new and innovative opportunities; from enhanced services and analytics platforms, to a broader suite of products to support their ongoing evolution and growth.”
With a commitment to providing tailored recommendations and high-quality service, Honan has grown revenue at a compound annual rate of approximately 17% over 19 years.
Privately held in partnership with accelerated growth experts TA Associates, Honan’s main verticals are in the corporate, strata, real estate and employee benefits markets.